Settlement on a new house

[Oasis-3]

I will have settlement on a new 1959 model house on or before Feb. ,10 2002 :-{}

Anything I should look out for or any advice to take to closing.

Thank You in advance

Cliff

 

[**ICEMAN**]

take your time and read ALL the fine print. they usually just try to say ,,,SIGN HERE and HERE etc. ,,. if you dont understand something they say make them explain it.



congrats on the new home!

 

[Okie-Go]

Here in Texas theire is an inspector that checks out stuff pretty good. He found a crack in the heat exchanger in the attic. Saved me bunch of $$. Also the previous homeowner bought an insurance policy to cover everything for a year.

 

[Hammer]

Cliff,,I used a company in my area called Homechek when I bought my place,,I'll have my squeeze dig the number up and get it off to you tommorrow,,Also,make sure you use a attorney for the closing to represent your interest,,He'll make it move a lot easier and much simpler for you to get all the paperwork explained to you,,My man over here is the best in the area and all he specializes in is this,send you the number and give him a call,may help you some,, Andy

P. S. -Does this mean the M-D chapter will have a very first ever moving party parade of rattleboxes???,,If so count me in I'll gladly help in moving the Stacks-R-Us family to a new homestead... ... .

 

[Rotty]

Like what ICEMAN said! Read ALL of the fine print. Have your realestate agent/ finance broker send you a copy of everything that you will need on signing day. Then sit down for a couple of three hours and read it ALL! Remember you are ultimately responsible for what you sign.

You have all of the power before you sign, but a lot less after you sign on the dotted line. If you do not understand, ask! Most contracts are boiler plate contracts, just be careful of all on the contignecies. Also, look at the variencies and convenents that apply to the land/ buildings.

I have bought a house and property, I have learned from experence and I still read every piece of paper before I sign.

It is you hard earned money!

Good luck and congradulations!!!! Oo.

Is this your first piece of property?

 

[kchristopher]

Originally posted by Okie-Go

Also the previous homeowner bought an insurance policy to cover everything for a year.

Don't let it lapse. It has paid for itself every year I've had it. And the one year I didn't, I REALLY paid. That was the year the furnace went out ($2200 vs. $35 if I had paid the $400 premium).

 

[E7mack96]

Amen to AON

We got home warranty with our house in july 2000. Since then, got a new furnace, air, attic fan water heater, and gas range. All paid for by Coldwell Banker (owner of AON warranty). Best $295 spent by previous owner, LOL

 

[Oasis-3]

Thanks for the Advice

Up Date

This is my second home the first one was back in 1984.

I did have an inspector look at the home and he has some question on the Well water so the seller may have to have City water installed this just came up today and the home already has City sewer. I do have a copy of all the paper work on hand I will read it again this time word for word. Also I do have a good realestate attorney to go with me at settelment.

Again Thank You for all the Advice

Cliff

 

[QRTRHRS]

Long.

First of all, I am not an expert on real estate but I have been through the process a few times in the last few years. I have very good friends who are realtors though and did learn a bit about it.



I had been a few days shy of closing on a house in 95' when the ex bailed. I sold the two homes my ex and I had. I bought a home in 97', sold it in 98' when my wife and I bought our farm. So, I have been through some of this.



I think for too many people, they accept to much unknown because they are desperate to get into a house, any house. That said, first of all, evaluate your needs and what you can afford. Go to open houses. Listen to what the realtor is saying. Look, make notes, discuss with your significant other if there is one what you liked, did not like. If you have kids, you should prioritize good schools right up front. Don't lock yourself in with the first realtor you come across. If you start to work with a realtor and want to see some houses, don't figure on to many in one day. Six is alot. You won't remember what you saw and won't have the time you need to fully evaluate prospects. If you need more time or think of something later, schedule a second viewing. Your realtor works on commision. Don't jerk them around. If you find a really good one, they will often advise you of houses on the market and where they are. You can do a driveby just to see the neighborhood. Use the internet to see listings. Don't expect the realtor to give your pro's and con's about the neighborhood that would be racial related, etc. Talk to the neighbors around any house your interested in for that. Don't forget that the folks running the community (superivisors, inspectors, etc. ) can be helpful for questions.



Lawyers: you don't always need one. If it is a standard contract with minimal or no contingencies, usually not. Complicated contracts do. I have free legal service from work for home buying. Taking advantage of this, I showed this lawyer the contract. Now he professed to be an expert at real estate law. First thing he said was "who wrote this contract?". Bear in mind that PA has a standard contract that all realtors use save for the various contingencies that either party can add. So, they don't always know either.



You find a property you like so make an offer. An offer must be forwarded with a contract. That is the time to ad any contingencies. All can be ironed out later. It should be written so anything can bail you out of the process if it cannot be resolved. Radon, water, sewage, termites, a thorough home inspection, covenents, etc. should be there. Any changes you foresee such as adding a shed or garage or deck should be thought about. Maybe after you buy, you find out you can't do anything.



By the way, I have used home inspection services. They can be helpful but don't expect absolute perfection. They cannot see into the walls.



Check out the taxes, home insurance costs ahead of time, other services such as garbage pickup, cable tv, phone, power. It could be important.



Noting that you are already set to close, you should be past the above. For closing, you want to make sure you have extra cash for last minute changes. You want to make sure the deed has been cleared. You want to make sure your insurance is set to go. In the end, you will find out how good your choice of realtor was. He/she will have been working in the background to make sure all the details were attended to. Leave no question unanswered.